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Why You Should Take A Personal Loan For Home Renovation
You may want to renovate your home to carry out essential repairs and maintenance work or to improve its aesthetics and your comfort. Both can come with a heavy price tag. In order to meet the expenses without any compromise, consider applying for a home renovation loan. Here’s how renovating your home can add value to it.
 
Renovating Your Home Adds To The Property Value
 
Even though you may not consider selling your property at the moment, it will be profitable to add to its value while the option is still economical. Renovating your home makes your home as good as new. This is exceptionally useful during a time when the real estate prices are on the rise.
 
Home Renovation Is Essential For Maintenance 
 
Whether you intend your property to be self-occupied or leased out, it is essential you maintain your home well. This avoids instances of future repairs that can be even costlier. 
 
Renovating your home on time strengthens it while upgrading its aesthetics.
 
Customised for home remodelling and repair, the Home Renovation Loan from NBFCs offers you convenience in every way. Take a look at a few benefits of availing this loan:
 
1. You Can Avail A Collateral-free Loan
 
You can avail up to Rs.25 lakh at low interest rates without having to pledge a personal asset as collateral. You can use the EMI calculator to check the affordability of the same. 
 
2. Simple Application Process
 
You can also benefit from a quick online application, approval within 5 minutes and disbursal of funds within 24 hours of document verification. Availing the home renovation loan is effortless with simple home renovation loan eligibility criteria and minimal documentation requirements. 
 
3. You Can Take Care Of Unexpected Expenses 
 
Even the most in-depth planning cannot give you the exact cost of your home renovation. This is because all contractors, plumbers, and electricians will only give you an estimate. In an event of catering to the needs of one room, you may be advised to waterproof the adjoining room or fix internal leakage in the external walls. In order to combat such unplanned expenses, you may consider taking a bigger loan amount. To avoid such a costly affair and increased EMIs, choose the Flexi Loan facility. This allows you to borrow as you need multiple times from your sanctioned limit, while you pay interest only on the amount you have used. Furthermore, you can choose to pay interest-only EMIs and repay the principal amount at the end of the tenor. Prepayments of this facility come with no extra charge.
 
4. You Can Track Your Loan Details Online
 
Taking a best Personal Loan for home renovation from reputed lenders means you will be able to access all your loan information in an instant using the customer portal. All you need to do is log in with your customer ID and password. Tracking your expenses online can help you avoid missing out on payments. In turn, this, or the successful repayment of your Personal Loan increases your credit score. An increased credit score helps you achieve higher loan amounts at lower interest in the future if the need for the same arises. 
 
For better planning of your home renovation project, avoid common home renovation mistakes. You can also use a home renovation loan calculator to plan repayment in advance, so that it stays within your budget.  
 
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Planning a student loan? 5 essentials to keep in mind
For long, parents have been saving for the primary and secondary education of their children, as well as any higher studies. The past 10-15 years have seen a change with more students willing to take on the responsibility to fund their education, and this is where student loans play an important role.
 
Walnut App CEO and Co-Founder Patanjali Somayaji lists five essentials to keep in mind when taking a student/education loan.
 
* Be clear on the reason for taking a student loan
 
Spend some time to think about your goals and employment prospects and how your chosen course or degree can help you attain those goals. Check your eligibility criteria and compare course fees, facilities and benefits across colleges and universities. Confirm your financial situation and how much liability you are willing to take on.
 
* Potential job opportunities
 
Are you availing a student loan right after graduation or have you worked for a few years and are now looking to better your job prospects with a higher degree? Study the job opportunities available in the market as well as your potential earning capacity once you complete this course. That is an important indicator of your capacity to repay the student loan later.
 
* Check and compare loan terms, interest rates and processing fees
 
After deciding on the course, facilities and future prospects, check loan terms of several banks and NBFCs before selecting one. Compare the rate of interest, repayment terms, processing fees, prepayment charges and so on. Check if any guarantor or collateral is needed. Understand the scope of coverage (tuition fees, study material/equipment, accommodation etc.) under the loan and what you will have to bear from your pocket.
 
* Understand and use the tax benefits of a student loan
 
A deduction is allowed under Section 80E of the Income Tax Act, 1961, for student loans, and this is applicable only on the interest you pay - not the principal amount. This deduction is available only for loans taken from registered banks and NBFCs; so it is important to check that before finalising one. There is no limit to the amount of interest you can claim as a deduction, and this deduction is available to you for up to eight years or till payment of interest in full, whichever is earlier.
 
* Ensure a backup plan
 
It is possible your current/future employer or even the industry itself could face some problems and you could suddenly be out of your current job or struggle to get another one - your education loan still has to be repaid irrespective of that.
 
Keep a control on your spends and save money regularly. Build an emergency fund for at least 6-8 months of expenses so you don't default on your instalments, which will impact your credit score.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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Loans against Mutual Funds: Great for HDFC Bank, Harmful for You
Where there is an asset, can the lender be far behind? After loan against property, here comes loan against mutual funds (MFs). HDFC Bank has launched an online overdraft (OD) facility that can be set up in under three minutes, for lending money against your mutual fund holdings. The Bank has partnered with CAMS, the registrar and transfer agent for 10 fund houses that constitute 60% of the...
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